among heterogeneous firms triggered by nominal growth. Japanese firm-level data show that large firms invest more in R&D and …&D-driven endogenous growth with heterogeneous firms. The model shows that high nominal growth leads to an increase in the market share of … positive effect of monetary expansion on both real growth and welfare. The optimal nominal growth can be strictly positive even …

, where automatic stabilisers are free to dampen business cycles fluctuations, and a monetary policy targeting also employment …. Instead, "discipline-guided" fiscal rules such as the Stability and Growth Pact or the Fiscal Compact in the Eurozone always …

, where automatic stabilizers are free to dampen business cycles fluctuations, and a monetary policy targeting also employment …. Instead, "discipline-guided" fiscal rules such as the Stability and Growth Pact or the Fiscal Compact in the Eurozone always …

identifying shocks. By assuming that all low-frequency output fluctuations are driven by permanent technology shocks, monetary …

tightened further. Global growth has been moving in the opposite direction: it has declined sharply since the beginning of the … developments, the risk of stagflation-a combination of high inflation and sluggish growth-has risen. The recovery from the … expectations, elevated financial vulnerabilities, and weakening growth fundamentals. …

We introduce endogenous growth in a standard NK model with staggered prices and wages. We find that the source of … growth. …

We introduce endogenous growth in an otherwise standard NK model with staggered prices and wages. Some results follow …: (i) monetary volatility negatively affects long-run growth; (ii) the relation between nominal volatility and growth … increases the negative effect of nominal volatility on mean growth. …